Bank of America is shrinking its consumer banking division by 8,000 people as it prepares to go digital. The bank has already considerably reduced the staffing numbers: from 100,000 in 2009 to 68,400 in Q1 2016. Thong Nguyen, Bank of America’s president of retail banking and co-head of consumer banking, expects the numbers to go […]
Hot on the heels of the R. C. Olmstead (RCO) acquisition, core banking software start-up Nymbus takes over another fellow vendor, KMR. KMR was founded in 2007 and focuses on the US credit union space. Its flagship suite, AgilityFOUR, consists of two products: AgilityWeb (a remote banking solution) and AgilityOrg (credit union management and compliance software). […]
Goldman Sachs has recently launched a new digital bank, GS Bank. It accepts deposits from consumers and institutional clients, starting from just $1. Goldman Sachs is understood to be working with Infosys and its EdgeVerve division on this project, with the vendor’s e-Finacle platform as the underlying tech for GS Bank. Infosys’ spokesperson provided a […]
US-based Swirlds has launched its hashgraph distributed consensus platform, an alternative to blockchain, and free for public download and use by developers. Swirlds says it has “emerged from stealth” with the launch and says its hashgraph “goes beyond blockchain”. Dr. Leemon Baird, founder and CEO of Swirlds, says: “Current stock markets are fair in matching […]
Will everyone really benefit from the real-time payments coming to the US? Can the US regulator mandate the banking sector to adopt it? And what are the chances of this new faster payments system becoming ubiquitous? Banking Technology digs deeper, past the hype. It’s a pretty safe bet that the roll-out of faster payments in […]
Nymbus, a US-based core banking software vendor, has acquired fellow supplier R. C. Olmstead (RCO), to gain a foothold in the Midwest credit union market. RCO comes with 46 customers, all in the low-tier segment. These include Wilkes-Barre City Employees CU, Dover-Phila FCU, McDonald Community FCU, Toledo Metro FCU and Yorkville Community FCU. RCO has […]
Temenos is believed to be heading towards a new contract for its T24 core banking in the US, Banking Technology understands. Commerce Bank is going to renovate its core processing software – and the system selection is nearing completion. Two vendors are believed to be on the shortlist – Temenos with T24 and Fiserv, which […]
US-based Friess Associates, which manages around $1 billion for institutional and private investors, is automating its ops with Linedata Longview. The new investment management platform will support portfolio management, trading and compliance at Friess Associates. Linedata highlights asset-specific workflows of its offering, an interface that can be tailored to the various roles of disparate users, […]
Credit Suisse has opted for FIS’s Derivatives Utility for its post-trade futures and cleared over-the-counter (OTC) derivatives operations and technology. The utility provides customers with derivatives clearing operations and technology services for trade clearing, trade lifecycle management, margin processing, brokerage, reconciliation and data management. John Dabbs, global head of prime derivatives services, Credit Suisse, says […]
Branch Banking & Trust (BB&T), one of the largest financial services groups in the US, is taking a “leap of faith” with a new core banking system from SAP. Speaking at SAP’s annual Sapphire conference in Orlando, Will Shupe, BB&T’s executive vice-president responsible for IT and operations, said the bank opted for a gradual renovation […]
Texas-based community bank TransPecos Bank is implementing a new core banking system, i2Core, supplied by local vendor IBT. “Following a months-long hunt and seemingly endless research into a new core provider, TransPecos’ seminal moment was at IBT’s annual user conference,” says the vendor. The bank saw that IBT was “significantly different than big box providers”, […]
UBS Wealth Management Americas (WMA) and tech company SigFig has formed a “strategic alliance” to develop digital technology for UBS WMA, its financial advisors and their clients. San Francisco-based SigFig specialises in wealth management software. It will create and customise digital tools and services for UBS WMA’s 7,000 advisors. UBS WMA’s remit is domestic US and […]
US payments start-up Dwolla has submitted its FiSync platform as part of its faster payments proposal to the Federal Reserve-chartered Faster Payment Task Force. The Fed-chartered initiative, comprised of over 500 Faster and Secure Payments Task Force members, has been tasked with representing, addressing, and assessing “improved” payments systems. Dwolla is offering FiSync, a communication […]
Fiserv has reported adjusted revenue of $1.25 billion in the first quarter of 2016 compared with $1.19 billion in Q1 2015, an increase of 5%. Its financial results reveal nothing specific about the word “profit”, but a Fiserv spokesperson says: “We do disclose our profit in our earning results. We reported adjusted earnings per share […]
NCR Corporation (NCR) has signed a strategic alliance agreement with US-based Huntington Technology Finance to provide lease financing for NCR ATMs, including “ATM-as-a-Service” type options, for financial institutions (FIs). The new relationship gives FIs a single, monthly (or quarterly) payment for their NCR equipment, deployment, service, administration and software. Gordon Fraser, remote services management director, […]
FIS has revealed its first quarter revenue in 2016 increased to $2.2 billion from $1.6 billion in Q1 2015. Organic revenue growth was 4.2% in the quarter. Adjusted EBITDA increased to $637 million in Q1 2016, from $589 million adjusted combined EBITDA in the prior year’s quarter, while the adjusted EBITDA margin was 28.2%. Gary […]
Nissan Motor Acceptance Corporation (NMAC) will install a new leasing solution, Wholesale Floorplan Finance System (WFS), supplied by specialist vendor Sword Apak. It will be delivered on a Software-as-a-Service (SaaS) basis. NMAC was looking for a new solution “that would provide an outstanding level of service to dealers”, says Sword Apak. The company is also […]
AxiomSL is implementing its flagship regulatory reporting platform at US-based PNC Financial Services. PNC, one of the largest banks in the US, will use the solution for its reg reporting needs in the domestic market, plus Canada and the Bahamas. Alex Tsigutkin, CEO at AxiomSL, says the vendor is “proud to have been chosen by […]
Cisco has teamed with Fiserv and its Sentry Performance Solutions to provide hosted communications and infrastructure solutions. Sentry Performance Solutions include network, hosting and network security services; hardware and software life cycle management; and unified communications services. Fiserv says its clients now have access to the Cisco workforce experience and branch solutions. The workforce experience […]
National Bank Holdings (NBH), a US-based holding company of a group of local community banks, has gone through a major technology overhaul with FIS. The group, which comprises three banks, has implemented FIS’s core banking system, IBS, online and mobile banking applications and a cheque imaging system, Check Image. In its latest quarterly results, NBH […]
US-based Fidelity Bank will move its latest acquisition, American Enterprise Bank of Florida, onto its core banking system, Fiserv’s DNA, from FIS’s Horizon. American Enterprise Bank added $209 million in assets, $147 million in loans and $182 million in deposits to Fidelity Bank. It also brought two branches in Florida. The bank’s Horizon core banking […]
US-based software vendor, Corelation, has onboarded 50 credit unions for its flagship Keystone core system. Keystone is a much newer system than most of its rivals, having hit the market just seven years ago. Corelation has also recently moved to a new head office in San Diego, California, to an office space four times bigger […]
US-based Citizens Bank is planning a core banking modernisation. The bank is looking for a programme director, to be based in Rhode Island, for the upgrade of its core banking platform and to implement a new mobile platform and middleware layer. Citizens, which was a wholly owned subsidiary of the UK’s RBS from 1998 to […]
US-based banking software vendor, Jack Henry & Associates, is shedding its deposit automation business, Goldleaf Enterprise Payments (formerly Alogent Corporation). The buyer is Battery Ventures, a US/Israeli venture capital and private equity firm. The company is regaining is former name – Alogent. Alogent’s back office software focuses on electronically capturing, processing and analysing cheque data […]
FIS and The Clearing House (TCH) are preparing to launch a pilot for a “first-of-its-kind” real-time payments system in the US. The pilot will initially focus on the bill payment use case, using FIS technology and operating via the TCH real-time payments platform. Already under development, the pilot will go live in the first quarter […]
At the All Payments Expo in New Orleans, engagement and security were all the rage, while payment experts looked toward new prepaid rules from the federal government.
Three credit unions in the US have converted to the DNA core account processing platform provided by Fiserv. The projects were a couple of years in the making. Texas Dow Employees Credit Union The largest of the three is Texas Dow Employees Credit Union, with $2.7 billion in assets. The DNA platform supports all main […]
As US-based KeyCorp prepares to take over its rival First Niagara to create the country’s 13th largest bank, Banking Technology muses what this might mean for the fintech market. A major system selection perhaps, as both banks are currently using dated systems? KeyCorp and its banking subsidiary, KeyBank, hope to finish acquiring First Niagara by […]
Only 18% of consumers aged 60 or over in the US use mobile banking, according to a study from the US Federal Reserve. In its 86-page report “Consumers and Mobile Financial Services 2016”, the Federal Reserve reported its findings from a survey which focused on consumers’ use of mobile technology to “access financial services and […]
Payment systems specialist Dovetail has helped US-based BMO Harris Bank with the upgrade phase of its wire platform replacement project. Dovetail’s solution provides “modular, out-of-the-box” payments processing capability that enables the bank to “improve in the short term while working towards an ultimate goal of full legacy replacement”, comments Martin Coen, CEO of Dovetail. Dovetail […]
US-based Vibrant Community Credit Union (formerly DHCU) has completed its tech overhaul, with Fiserv’s DNA now supporting its core operations and Alkami’s ORB supporting digital banking activity at the front-end. The project was over a year in the making, and coincided with the brand overhaul at the credit union. It was formerly known as DHCU […]
The United Services Automobile Association (USAA), a financial services group, has partnered with Coinbase to give Bitcoin usage a timely boost. Late last year, USAA launched a Coinbase pilot program, which allowed select USAA employees and members to view their Coinbase accounts on the USAA website and mobile app. Following the successful pilot, all account […]
A great visual of how four US-based conglomerates – JPMorgan Chase, Citigroup, Wells Fargo and Bank of America Merrill Lynch (BAML) – have grown to be the megabanks we know today. Source: American Banker
US-based banking and payments software vendor D+H has joined its rivals FIS and Jack Henry in partnering with The Clearing House (TCH) for real-time payments. D+H will provide US banks and financial institutions with access to TCH’s domestic instant payments system. The system is currently being built, with the “plumbing” provided by VocaLink. The vendor’s […]
US-based Payoneer has acquired Armor Payments as it looks to create a “global alternative” to letters of credit (LCs). Armor Payments, co-founded by former PayPal Director, Scott Reynolds, is the “only licensed B2B payments provider offering Escrow-as-a-Service (EaaS)”. Through the acquisition, the new integrated Armor Payments Payoneer Escrow solution will allow B2B buyers and suppliers […]
Texas-based asset administrator, Virtus Partners, has gone live with new back office lending system, FusionBanking LoanIQ, supplied by Misys. The new platform supports full-service agency administration and bank portfolio loan administration. It covers SME, commercial and syndicated lending. The contract was signed in November last year. The implementation work took around three months and came […]
JHA Payment Solutions, a division of Jack Henry & Associates, has teamed up with The Clearing House (TCH) as they seek to bring immediate payments to the US. TCH is currently working to build a new real-time payment system, which it will own and operate. In partnering with JHA Payment Solutions, TCH says it will […]
Fiserv has added new advisor portfolio management and trading technology to its Unified Wealth Platform. The single platform is used for portfolio management, trading, accounting and reporting for managed accounts. The company says over 5,000 advisors and users supporting rep as portfolio manager (RPM) or rep as advisor (RPA) programmes have migrated to the “enhanced” […]
ExxonMobil is now the “first major” fuel retailer to accept mobile payments at the pump, including Apple Pay, throughout the majority of its US network. The app enables customers to authorise a pump for payment via the cloud. Customers have the option to select Apple Pay as a default form of payment from within the […]
Some of the major US banks are planning to tap into the instant payments market via their digital network, according to Reuters. Banks including JP Morgan Chase, Bank of America, Wells Fargo and US Bancorp will use their jointly-owned network, clearXchange, to let their customers transfer money. “What we are doing now is delivering payments […]
